The First Five Year Plan for Economic and Social Development of the Hong Kong Special Administrative Region (2026-2030) was recently released. Several experts and scholars recently stated in interviews that Hong Kong's launch of a medium - to long-term plan is a practical arrangement to address development challenges, achieve economic growth, and improve people's livelihoods, and it is timely.
Liu Zhaojia, consultant of the National Hong Kong and Macao Research Association, pointed out that Hong Kong's formulation of the first five-year plan, which outlines the long-term policy objectives and directions of the special administrative region, is an important way to actively connect with the national "15th Five Year Plan", integrate and serve the overall development of the country.
He believes that Hong Kong's first five-year plan will encourage officials of the SAR government to further establish a national and international perspective, pay more attention to the macro situation and systematic thinking. In addition, the formulation of a five-year plan will ensure the stability and coherence of the governance of the Special Administrative Region government, and the work achievements of each term of the Special Administrative Region government will continue to accumulate and stack.
The first five-year plan of Hong Kong will bring practical positive energy to the economic development and improvement of people's livelihood. "Liu Zhaojia analyzed that due to the clear and certain long-term development path and major policies of Hong Kong, it will make investors and talents from all walks of life more confident in making long-term deployments and investments in Hong Kong, which is beneficial for the development of innovation and other emerging industries.
In response to some misunderstandings linking Hong Kong's first five-year plan with a "planned economy", Liu Zhaojia stated that globally, many capitalist economies are planning their long-term economic and social development in different fields and ways. The governance philosophy of "active non intervention" and "small government, big market" that Hong Kong has long adhered to is no longer suitable for current development needs. Under the simple low tax system, the development resources that the special administrative region government can mobilize are limited. It is necessary to rely on the five-year plan, formulate long-term development strategies under the guidance of a "proactive government", and then rely on the power of an "effective market" to achieve goals.
Zhuang Tailiang, Executive Director of the Liu Zuode Institute for Global Economics and Finance at the Chinese University of Hong Kong, also stated that the core of Hong Kong's five-year plan is to solve the development problems caused by market failures, rather than changing the capitalist system.
Hong Kong's five-year plan aims to clarify the development focus for the next five years and strengthen implementation, "said Zhuang Tailiang. Traditional free economy theory is based on idealized premises, assuming that market transactions are guided by profit and efficiency. However, in the real environment, relying solely on market profit seeking mechanisms makes it difficult to advance many long-term public issues. Therefore, Hong Kong needs to develop medium - and long-term plans to avoid using profits as the sole criterion for resource investment, and to guide the SAR government's policies and resources from various sectors of society to work together.
He pointed out that Hong Kong's first five-year plan retained the core advantages of Hong Kong as a free economy, such as the free flow of funds. It also set relevant indicators in the fields of healthcare, environmental protection, and innovation, and used medium - and long-term strategies to fill market gaps, break through development bottlenecks, and safeguard Hong Kong's high-quality development without interfering with market operations.
Guo Jihui, a member of the National Committee of the Chinese People's Political Consultative Conference in Hong Kong and executive director of Sun Hung Kai Properties, bluntly stated that Hong Kong's first five-year plan points out the direction for Hong Kong's future development, establishing five major goals including achieving new breakthroughs in economic development and accelerating the construction and efficiency of the northern metropolitan area. Hong Kong actively connects with the national "15th Five Year Plan" and strengthens the construction of "four centers and one highland", which will further consolidate its role as a "super contact person" and "super value-added person". (Outlook for the New Era)